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Jan 16, 2012

2012 Best Senior Citizens Savings Account Rates

2012 Best Senior Citizens Savings Account Rates

Which bank do you know offers the 2012 best senior citizens savings account rates? How high are the 2012 best senior citizens savings account rates offered by commercial banks in Singapore? What are the latest 2012 best senior citizens savings account rates in Singapore?

The CPF rate for Retirement Account is 4.00% per annum from 1 January 2012 to 31 December 2012.

An additional 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA).

The additional interest received on the OA will go into the member’s Special Account or Retirement Account to enhance his retirement savings.

If the member is above 55 years old and participates in the LIFE scheme, the additional 1% interest will also be payable on his annuity premium, less annuity payouts already made. The additional interest earned on the member’s LIFE annuity monies will be paid into his RA.